Assetz Capital has become the first property-focused marketplace platform to receive funding from British Business Investments (BBI), a commercial subsidiary of the British Business Bank.

The £15m commitment from British Business Investments will support in excess of £100m of new lending to smaller businesses and smaller housing developers, helping them grow as well as helping fuel the development of new homes across the UK.

The funding will be used for development finance loans and SME commercial mortgages originated by Assetz Capital.

Stuart Law (pictured), CEO at Assetz Capital, said: “Assetz Capital was founded to help resolve the housing crisis and create a fairer lending landscape by providing funding to SMEs and property developers who were no longer being fully supported by traditional banks.

“To date, we’ve lent more than £1bn to UK businesses, providing over £100m of much needed gross income to a community of 38,000 retail and institutional investors in the process.

“The support of British Business Investments is a further milestone in this mission, and we are grateful for their new backing towards our continuing commitment to addressing the housing crisis and SME funding gap. It’s a testament to the impact that can be delivered by Assetz Capital and a welcome addition to our growing stream of institutional funding sources including other banks and investment funds.”

Catherine Lewis La Torre, CEO of British Business Investments, added: “This £15m commitment to Assetz Capital supports British Business Investments’ objective to increase the diversity and supply of finance for smaller businesses across the UK.

“By providing finance to smaller housebuilders, we’re able to help them to fulfil their growth plans and increase the country’s new housing stock.”